Max Petroleum (LON:MXP) announced that drilling has commenced at the NARS-1 exploration well on the Narmundanak South prospect in Block E in Kazakhstan.

This is the tenth of the company’s 15 post-salt exploration prospects.

The total depth of the well will be approximately 1,700 metres, targeting Triassic reservoirs.

Max also reported that drilling at the ASK-1 exploration well in the Asanketken prospect on Block E has been slower than expected. The slowdown has been attributed to mechanical problems with the drilling rig.

This well is yet to reach the primary Triassic target section, which is expected to be evaluated in the next several weeks.

The company earlier announced a Jurassic discovery in the ASK-1 well, where it intersected 24 metres of net oil pay at depths between 1,230 and 1,302 metres.

Meanwhile, drilling at the ZMA-ET2 appraisal well in the Zhana Makat Field has reached total depth at 1,492 metres and is preparing to log.

Back in late April, Max had its appeal of an ongoing tax claim rejected by the Court of Cassation, a panel of the Almaty City Court in Kazakhstan. The company decided to again appeal the case to the Supreme Court.

The ruling means that the local tax authorities now have the right to require payment of the tax claim prior to the ruling of the Supreme Court. The current balance of the claim is about $13.7 million.

Obtalafound on numerous occasions that the WoodBois team had been very conservative in its estimates and projections.

No investment advice

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

Archer Daniels Midland is one of the world’s leading agricultural processing companies and one of the world's largest processors of soybeans, corn, wheat and cocoa. Its principal activities include procuring, transporting, storing, processing and merchandising...

Archer Daniels Midland is one of the world’s leading agricultural processing companies and one of the world's largest processors of soybeans, corn, wheat and cocoa. Its principal activities include procuring, transporting, storing, processing and merchandising agricultural commodities and products. The Illinois-based company employs more than 26,000 people and operates a network of over 270 domestic and international processing plants.

Partners:

Proactive Investor UK Limited, trading as “Proactiveinvestors United Kingdom”,
is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690.
Group VAT registration number 872070825 FCA Registration number 559082.
You can contact us here.